CAD/JPY 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
What looked like an ascending channel a few days ago, has now taken the shape of a rising wedge for CAD/JPY. The last few weeks can be characterized by complete balance in supply and demand, just before bears gave in to bulls and the resistance at 86.11 broke. The pair is currently revisiting the broken trend-line and if it denies access to levels underneath, CAD/JPY could execute another wave towards the upper trend-line of the wedge around 86.87, before a break below the pattern is executed. The nearest resistance now lies at 86.45 and will distract the potential movement north. In case the pair dives out of the wedge immediately, it is likely to correct between 85.97 and 85.23.
© Dukascopy Bank SA
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